科创板审核问询函能提升关键事项信息披露水平吗

Can the Review-Inquiry Letter of Sci-Tech Innovation Board Improve the Level of Information Disclosure on Key Items?

科创板拟上市公司需要接受上海证券交易所以审核问询为手段的非行政处罚性监管,因此以2019年7月22日至2020年12月31日上市的215家科创板公司为研究对象,以其在新股发行上市过程中收到的上交所第一封审核问询函为研究样本,利用LDA主题分析工具对审核问询函的文本主题特征进行分析,实证研究了审核问询函主题特征与关键事项信息披露水平提升幅度之间的关系。研究表明:新股发行上市过程中与关键事项相关的审核问询越强,拟上市公司招股说明书注册稿相对于申报稿的关键事项信息披露水平提升越高,且审核问询对公司治理较差的公司的关键事项信息披露水平的提升作用更强。

Companies that are to be listed on the Sci-tech Innovation Board have to accept non-administrative punishment supervision of Shanghai Stock Exchange by means of review and inquiries.Therefore,this paper takes 215 Sci-tech Innovation Board companies listed from July 22,2019 to December 31,2020 as the research objects and takes the first review and inquiry letter from Shanghai Stock Exchange that they received during the IPO process as research samples to analyze the characteristics of the subject matters of the review and inquire letters by employing the LDA subject analysis tool.It also empirically studies the relationship between the subject characteristics of the review and inquire letters and the improvement of the level of information disclosure on key items.The findings show that the stronger the review and inquiry related to key issues in the process of IPO issuance and listing,the higher the level of information disclosure of key matters in the registration draft of the prospectus of the proposed listed company compared to the declaration draft,and the stronger the improvement of information disclosure level by the review and inquiry on the companies with poorer corporate governance.